One of the richest early Bitcoin holders, Owen Gunden, liquidated his entire Bitcoin holdings, selling 11,000 Bitcoin worth $1.3 billion. Gunden transferred his last 2,499 Bitcoin to Kraken, amid concerns of the market entering a bearish phase. CryptoQuant’s Bull Score Index dropped to 20/100, signaling extreme bearish conditions.

Gunden, ranked as the eighth-richest person in crypto, has a net worth of approximately $561 million. He gained wealth through early Bitcoin arbitrage trading on exchanges like Tradehill and Mt. Gox, accumulating tens of thousands of Bitcoin. Institutional ETF ownership is on the rise, reaching 40% despite retail investor fears of the bull market cycle ending.

Institutional ownership of US spot Bitcoin ETFs increased to 40%, up from 27% in Q2 2024. This surge in ownership is based on the latest 13-F filings of institutional participants, indicating a strong commitment to holding shares. Despite significant outflows of $2.8 billion in November, institutions are maintaining their positions in the market.

Read more at Cointelegraph: Bitcoin Whale Sells $1.3B BTC As Institutions Buy 40% Bitcoin ETFs